My Real Estate Blog

The majority of Americans, say it's "unacceptable" for homeowners to stop making their mortgage payments and abandon their homes, but 36%, say "walking away" is okay.

A Pew Research Center study found that 59% believe it is wrong for homeowners to deliberately stop paying their mortgages and surrender their homes to the mortgage lender.

Among those who said walking away is okay, 19% said it's acceptable outright and an additional 17% volunteered that it depends on the circumstances.

Either way, walking away can sink your credit score and come with an extra tax burden, not to mention the potential of a court suit.

The survey, conducted May 11 to May 31, questioned 2967 adult homeowners.  21% say they owe more on their mortgages than their home is worth. The "underwater" situation compels some homeowners to stop making their mortgage payments and let the bank foreclose on their homes.